Detailer
If we abscond a company, how do we close epf account so there is no overlap with future company?
From India, Hyderabad
PROFESSIONALS AND BUSINESSES PARTICIPATING IN DISCUSSION
Saswatabanerjee
Partner - Risk Management
Vmlakshminarayanan
Sr.manager - Hr&admin
P-lekha-jacobs
Senior Hr Consultant
Detailer
Software

Use factoHR and automate your HR processes

Mobile-first hire to retire HR and Payroll software that automates all HR operations and works as a catalysts for your organisational growth.



vmlakshminarayanan
374

Hi,

Interesting question. So now absconding had become an official kind of relieving from an employer. So if you have any plan of absconding from your current employer please don't do that. serve proper notice period and get relieved with proper relieving order.

Even if you abscond without information due to some compelling situations, please wait for your employer to close your file after warning /termination process and also check your UAN login whether employer had marked LWD for you. You may join with new employer after this process so that there will not be issue

From India, Madras
Detailer
Hi Lakshminarayanan,

Thanks for the reply. Actually, I have joined the company recently and I have not been assigned the role I interviewed for. I have a better opportunity but the notice period being 2 months here doesn’t allow me to quickly switch. I am ready to buyout too but the company doesn’t allow me to. What do you advise in such situation?

From India, Hyderabad
vmlakshminarayanan
374

Hi,

Whatsoever the reason it might be, better resolve the things with the current employer. You can request one month notice and another one month forfeiture of salary in lieu of salary...or request for time with the new employer.

From India, Madras
Detailer
Thanks Lakshminarayanan, I am in a situation where both the companies are not agreeing to agree with the timelines. Can my current company deny a buyout?
From India, Hyderabad
vmlakshminarayanan
374

Hi, It depends on the terms and conditions of Appointment order signed and accepted by you. Most employers will keep buyout at their discretion and cannot be claimed as a matter of right.
From India, Madras
Detailer
There is no buyout clause mentioned in the offer letter, is there any remedy?
From India, Hyderabad
saswatabanerjee
2316

If the employer is not agreeing to early relieving, you don't really have a remedy.
But if the new employer is willing to accept it, then there shouldn't be a problem.
Once the new employer puts his starting date, your PF gets updated.

If in future some employer does a BGC and sees the overlap, you will need to explain it.
if a long time has passed, they may not bother.

BTW, remember that a company which is not willing to give you adequate time to leave the previous company, and not willing to give you an opportunity to be compliant with your existing contract may also be the one who will deny to follow the contract in future when the shoe is not he other foot.

From India, Mumbai
p-lekha-jacobs
46

Dear Detailer,

This is a common thing HR department encounters when candidates join and look to switch to a better role/ pay withing few months of joining because their resume is still active in the job markets. It is a very common and known issue. Certain organizations force the new employees to serve the full notice periods despite tenure clocked.

Practical advice - if you have absolutely planned to leave the current role, please check your appointment letter again. Does it have a probation period? If yes, please check, if you can be released early. Usually notice periods are shorter during probation period. If this clause is still not there, please check with your Reporting Manager first, if you can be released early. Since you mentioned that there is no buyout option, please do speak to HR about a waiver, shortening of notice period. If not, then please be ready to serve a full notice period and come out very clean. EPF records will be updated by employers basis your start/ end date and your PF contributions are accumulated accordingly.

Do not worry, these are very common issues and should be handled in a prudent manner by both, employer and employee. At any given point during this time, do not be agressive and talk/ sort things out nicely and amicably. I think you all should be good then.

Thank you.

From India, Delhi
Detailer
Hi All,

Thanks for your response. The new company was kind to extend the joining by a few weeks but still not good enough to meet the notice period timeline. If the EPF accounts overlap, will I not be able to withdraw from both these accounts in future?

From India, Hyderabad

If you are knowledgeable about any fact, resource or experience related to this topic - please add your views.








About Us Advertise Contact Us Testimonials
Privacy Policy Disclaimer Terms Of Service

All rights reserved @ 2022 CiteHR®

All Material Copyright And Trademarks Posted Held By Respective Owners.
Panel Selection For Threads Are Automated - Members Notified Via CiteMailer Server